Emerald Resources Targets Manda ASX Listing With 1.33Moz Gold Portfolio
Key Takeaways
- Manda Resources has completed the acquisition of four North Queensland gold projects — Alice River, St George Gold-Antimony, Tregoora, and Northcote Goldfields — delivering a combined JORC mineral resource of 1.33Moz of gold.
- Emerald Resources (ASX: EMR) holds a 19.8% direct equity stake in Manda and contributed $6.4M of the $9M pre-IPO capital raise, with drilling now underway at both Tregoora and Northcote.
- Manda has appointed Tara French as CEO, bringing over 25 years of exploration geology experience including prior roles as Managing Director at Cazaly Resources and General Manager Exploration at Regis Resources.
- An ASX listing for Manda is targeted for late CY2026, with Emerald intending to take a cornerstone stake and maintain approximately 19.9% of issued capital post-IPO — though the listing remains conditional and is not yet certain.
- Beyond North Queensland, Manda also holds the Lake Burnside Potash Project (~700km² in WA) and has under application approximately 1,500km² of tenure in the Yandal Greenstone Belt, adding further optionality to the asset base.
Manda Resources completes North Queensland gold acquisitions, targets ASX listing
Emerald Resources NL (ASX: EMR) has advised that Manda Resources Ltd, an unlisted public company in which Emerald holds a direct 19.8% equity stake, has completed the acquisition of four North Queensland gold projects: Alice River, St George Gold-Antimony, Tregoora, and Northcote Goldfields. The two completed acquisitions give Manda a combined global JORC mineral resource of 1.33Moz of gold.
The first acquisition secured the BH6 assets from Broken Hill Gold (ASX: BH6, formerly Pacgold Limited), comprising the 100%-owned Alice River Project and the St George Gold-Antimony Project, which is currently held under a joint venture with Hard Rock Minerals Exploration Pty Ltd. The second acquisition was the purchase of 100% of the issued capital of Territory Minerals Ltd, an unlisted public company, securing full ownership of both the Tregoora and Northcote Goldfields Projects.
Beyond North Queensland, Manda also holds the Lake Burnside Potash Project covering approximately 700km² in the Warburton Mineral Field of Western Australia, and has under plaint approximately 1,500km² of highly prospective tenure in the Yandal Greenstone Belt currently held by ASX-listed Avenira Limited (ASX: AEV) within its Jundee South Gold Project.
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Tara French appointed CEO as Manda advances toward IPO
Experienced leadership joins at a critical growth phase
Manda has appointed Tara French as Chief Executive Officer. French brings over 25 years’ experience as an exploration geologist, having previously served as Managing Director at Cazaly Resources Ltd and as General Manager Exploration at Regis Resources Ltd.
Under Ms French’s leadership, along with a successful IPO, in Emerald’s view, the market will see the consolidation of the North Queensland exploration assets into a well-funded vehicle with the potential to grow significantly in scale and deliver a premier gold mining hub.
$9M pre-IPO raise funds drilling and IPO progression
Manda completed a $9M (before costs) pre-IPO capital raise, of which Emerald contributed $6.4M. Proceeds have been applied to commence drilling programmes at Tregoora and Northcote, with both programmes now underway.
Emerald intends to take a cornerstone stake in the Manda IPO and expects to maintain an interest of approximately 19.9% of Manda’s issued capital on completion of the offering. Subject to conditions that are capable of satisfaction and Manda meeting the formal admission requirements under the ASX Listing Rules, the proposed ASX listing is targeted for late CY2026. The IPO is not yet certain and remains conditional.
Understanding gold resource consolidation and what 1.33Moz means for investors
A JORC mineral resource is a concentration of minerals in the earth’s crust with reasonable prospects for eventual economic extraction, classified by confidence level as Inferred, Indicated, or Measured under the Australasian Joint Ore Reserves Committee (JORC) Code. It is important to note that a JORC resource is not the same as a reserve. Reserves are the portion of a resource that has been confirmed as economically mineable under current conditions; a resource estimate does not carry that guarantee.
Why does 1.33Moz matter at this stage? Scale is a primary driver of an explorer’s investability. Consolidating multiple projects under a single vehicle creates a more substantive asset base, which tends to attract institutional attention ahead of an IPO.
North Queensland has a well-documented history of gold production. The region hosts several significant historical producers, including Red Dome/Mungana, Mt Leyshon, and Pajingo. Manda’s projects sit within this broader mineralised corridor.
The four North Queensland projects now held by Manda are:
- Alice River Project (100% owned by Manda, acquired via BH6 assets)
- St George Gold-Antimony Project (joint venture with Hard Rock Minerals Exploration Pty Ltd)
- Tregoora Goldfields (100% owned, acquired via Territory Minerals Ltd)
- Northcote Goldfields (100% owned, acquired via Territory Minerals Ltd)
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Manda investment fits within Emerald’s broader growth strategy
Emerald’s board has been clear that Manda is a strategic investment, not the company’s primary focus. The announcement states Emerald’s 19.8% interest in Manda represents “an important strategic investment in the Company’s growth plans” while confirming that the primary focus remains on operating and expanding its core assets.
Those core assets represent a substantial operating and development portfolio in their own right:
| Asset | Location | Ownership | Resource | Status |
|---|---|---|---|---|
| Okvau Gold Mine | Cambodia | 100% | ~520Koz produced to date | Operating |
| Memot Project | Cambodia | 100% | 1.7Moz (45.0Mt @ 1.2g/t Au) | Development |
| Dingo Range Gold Project | Australia | 100% | 1.41Moz (40.9Mt @ 1.1g/t Au) | Exploration / Development |
| Manda Resources (stake) | North Queensland / WA | 19.8% equity | 1.33Moz combined JORC | Pre-IPO / Exploration |
The Okvau Gold Mine was commissioned on time and on budget in 2021 and has produced approximately ~520Koz of gold to date, demonstrating Emerald’s track record in project execution.
The Manda stake adds an optionality layer to that portfolio. If Manda proceeds to list on the ASX as proposed, Emerald’s approximately 19.9% interest would become a holding in a publicly traded gold explorer, adding a potentially liquid and re-rateable asset alongside its operating and development projects. That outcome, however, remains subject to conditions and is not guaranteed.
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